As it is possible to interpret “scarcity” from different and contrary ways, it is necessary to reflect around some questions regarding those perspectives. First of all, scarcity is a social fact. For that reason, it is not possible to avoid it when we are analysing social problems because the majority of them are closely related to scarcity.
Theoretically, scarcity is the main problem of the Economy. So, what is an economic problem? This is an issue that people have to face daily and manage according to their resources. From the traditional view of scarcity, we will probably blame it on poverty despite the responsibility of governments.
But also, we can understand scarcity as the origin of resourcefulness that produces innovative ideas. From this perspective, scarcity is an opportunity to develop creativity and make money resolving problems.
Next, what is scarcity? The background of this question is the relationship between (infinite) needs and (limited) resources. This point is crucial because well-being depends on social needs, and initial endowments represent basic resources. The good news is people can re-equip their abilities through education.
Fortunately, everyone is unique and different from others. Those attributes can be personal skills, individual talents (gifts), competences, etc. As people have different initial endowments, there is stupid to pretend to be equalitarian societies when nature portrays that it is not practicable.
So, how can people manage scarcity successfully? The first step is to identify individual skills to reinforce. Second, to recognize the most important economic variable is time, not money. Because it is likely to make money spending time, but it is impossible to make time using money. The third step is to think about the scarcity reason. Its solution can be a mix of innovative ideas and proper resources administration. The fourth step is to complete a business idea (business plan) without any doubt because hesitation is the accomplice of failure!
Big companies have more resources than small businesses. However, they cannot innovate easily.
In contrast, small businesses and pedestrians have the opportunity to innovate regularly. Those players have simple structures and manageable process.
Innovation can be the result of daily tries to resolve problems in a disruptive way. Usually, innovation is an effect of trial and error. It is remarkable, to innovate is re-think and re-do older solutions!!!
Finally, to consider scarcity as an opportunity is a smart way to perceive it. Look for innovative ideas that resolve problems and get the balance in the money.
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